it's actually the state government holding LKO back
the state law which was changed contained that any existing obligations were uneffected yet the resource minister will not or atleast has not given the approvals for this to happen
hence the case against the resource minister not the state of victoria.
they've had the powers to basically buy out any leases within 6 months of the new law coming into effect which didn't occur
they had the opportunity to modify with consultation with LKO the agreed obligations of the lease , which wasn't attempted until October or November after LKO put forward the option of a low cost loan and approvals they attempted to postpone LKO's obligations which LKO rejected
so now the judge has to decide whether the lease/permit is property and if so determine if the lease/permit has altered as such that that said lease/permit is still usable /valid for what it was intended for
IMO the judge has these options
the Victorian government must give the approvals with compensation for the delays.
deems the lease/permit null and void and must buy back/aquire the lease permit
so 2 questions
1. what is the delay worth
2. if the lease/permit is null and void which makes them aquire said rights is it the $100m expenditure +
or is the law correct that the oil gas is owned by all Victorians until brought to surface by human means that is the $2.8B question
if that isn't the case i believe from the WMC case notes the potential oil or gas will be discounted
all jimho
LKO Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
(20min delay)
